Merseyside Pension Fund pledges to combat pension scams
Submitted by Administrator on September 14, 2021 - 11:50am
Merseyside Pension Fund has pledged to do what we can to protect scheme members and follow the principles of the Pension Scams Industry Group (PSIG) Code of Good Practice [1] in so far as it applies to LGPS Funds.Pledging to combat pension scams confirms our intent to protect our members and demonstrates that the Fund are committed to stopping scammers in their tracks.
Our pledge
We commit to:
-
regularly warn members about pension scams,
-
encourage members asking for cash drawdown to get impartial guidance from The Pensions Advisory Service,
-
get to know the warning signs of a scam and best practice for transfers by key staff completing the scams module in the Trustee Toolkit; studying and using the resources on the Financial Conduct Authority (FCA) ScamSmart website [2], TPR scams information and the PSIG code,
-
take appropriate due diligence measures by carrying out checks on pension transfers and documenting pension transfer procedures,
-
clearly warning members if they insist on high-risk transfers being paid,
-
report concerns about a scam to the authorities and communicate this to the scheme member.